Synopsys, Inc. (SNPS) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Synopsys, Inc. (NASDAQ:SNPS) from a hold rating to a buy rating in a report published on Tuesday morning. The brokerage currently has $91.00 target price on the semiconductor company’s stock.
According to Zacks, “Synopsys is a vendor of electronic design automation (EDA) software to the semiconductor and electronics industries. Shares of Synopsys has outperformed the industry over the past one year. Synopsys recently completed the buyout of a privately-held self-funded company, QuantumWise. We believe that the company’s sustained focus on introducing new products, acquisitions and deal wins will continue to boost results, going ahead. Moreover, unique intellectual properties and global support provided by the company will likely drive its forthcoming results. Furthermore, Synopsys’ strategy to return wealth to shareholders highlights its growth potential and stable liquidity position. However, competition from peers, a challenging technology spending environment and uncertainty regarding the exact time of realizing acquisition synergies keep us on the side-lines.”
A number of other analysts have also recently issued reports on SNPS. BidaskClub cut shares of Synopsys from a strong-buy rating to a buy rating in a research note on Wednesday, July 5th. Credit Suisse Group reiterated an outperform rating on shares of Synopsys in a research note on Thursday, August 31st. HSBC Holdings plc reiterated an average rating on shares of Synopsys in a research note on Thursday, September 14th. Royal Bank Of Canada increased their price target on shares of Synopsys from $85.00 to $90.00 and gave the company an outperform rating in a report on Thursday, August 17th. Finally, Needham & Company LLC reissued a buy rating and issued a $83.00 price target (up from $77.00) on shares of Synopsys in a report on Thursday, August 17th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $84.00.
Shares of Synopsys (SNPS) traded up 0.47% during mid-day trading on Tuesday, hitting $81.65. The company’s stock had a trading volume of 206,867 shares. Synopsys has a 1-year low of $56.03 and a 1-year high of $81.77. The company has a 50-day moving average of $79.52 and a 200 day moving average of $75.36. The company has a market cap of $12.27 billion, a price-to-earnings ratio of 38.33 and a beta of 1.00.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.92. Synopsys had a net margin of 12.37% and a return on equity of 11.60%. The firm had revenue of $695.40 million for the quarter, compared to the consensus estimate of $691.22 million. During the same period in the previous year, the company earned $0.76 earnings per share. The company’s quarterly revenue was up 13.0% on a year-over-year basis. On average, analysts expect that Synopsys will post $3.31 EPS for the current year.
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Synopsys declared that its board has approved a share repurchase program on Friday, June 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other Synopsys news, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the sale, the chief executive officer now owns 200,429 shares of the company’s stock, valued at approximately $15,533,247.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joseph W. Logan sold 5,000 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.99, for a total transaction of $384,950.00. Following the completion of the sale, the executive vice president now directly owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The disclosure for this sale can be found here. 1.82% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in SNPS. Sawtooth Solutions LLC raised its position in shares of Synopsys by 0.3% in the second quarter. Sawtooth Solutions LLC now owns 3,220 shares of the semiconductor company’s stock valued at $235,000 after buying an additional 9 shares in the last quarter. Alps Advisors Inc. boosted its stake in shares of Synopsys by 0.3% in the second quarter. Alps Advisors Inc. now owns 6,767 shares of the semiconductor company’s stock valued at $494,000 after buying an additional 18 shares during the period. YorkBridge Wealth Partners LLC boosted its stake in shares of Synopsys by 3.7% in the second quarter. YorkBridge Wealth Partners LLC now owns 1,542 shares of the semiconductor company’s stock valued at $111,000 after buying an additional 55 shares during the period. Ifrah Financial Services Inc. boosted its stake in shares of Synopsys by 1.2% in the second quarter. Ifrah Financial Services Inc. now owns 5,204 shares of the semiconductor company’s stock valued at $380,000 after buying an additional 62 shares during the period. Finally, Cypress Wealth Advisors LLC boosted its stake in shares of Synopsys by 1.7% in the first quarter. Cypress Wealth Advisors LLC now owns 4,763 shares of the semiconductor company’s stock valued at $344,000 after buying an additional 81 shares during the period. 88.94% of the stock is currently owned by institutional investors.
Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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